Bitcoin Rebound Fuels Short-Term Profit Taking Amid Limited Long-Term Holder Activity

The recent Bitcoin price rebound has been attributed to short-term holders taking profits. According to on-chain data, long-term holders are not driving this profit-taking, but rather newer participants.

Short-term holders have been realizing relatively more profits than long-term holders, with the SOPR Ratio sitting at 0.88. This means that traders moving coins are mostly the newer participants in the market.

The Adjusted SOPR (aSOPR) reading is currently 1.02, indicating that Bitcoin holders are still realizing overall profits. However, this data suggests that some profit-taking is happening during the rebound, but it's not particularly aggressive selling.

With the price approaching the May high of $82,322, there is a potential resistance level waiting to be cleared. If BTC flips this level, the next target could be $90,000. But rejection would change the setup quickly, and Bitcoin price could revisit $76,350 or $73,280 as support levels.